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Price Signal Summary - USDJPY Bounce Considered Corrective

OUTLOOK
  • In FX, the EURUSD traded lower Monday, extending the pullback from last week’s 1.0479 high on Nov 15 high. The move lower is considered corrective and is allowing a recent overbought condition to unwind. Next support to watch lies at 1.0198, the Sep 12 high. On the upside, a break of 1.0479 would confirm a resumption of recent gains.
  • The GBPUSD trend condition remains bullish and the pair is consolidating closer to its recent highs. A clear breach of the 1.2000 handle would reinforce the bullish theme and this would open 1.2080, the Aug 18 high. A deeper pullback would be considered corrective. Firm support is at 1.1544, the 50-day EMA.
  • USDJPY short-term trend conditions remain bearish and Monday’s gains are considered corrective. The move higher is allowing a recent oversold trend condition to unwind. Resistance to watch is at 143.62, the 50-day EMA. On the downside, a break of 137.68, Nov 15 low, would resume the downtrend and open 137.37, the Aug 29 low.
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Foreign Exchange Technical AnalysisHomepagemarkets-real-timeBulletMarketsFixed Income BulletsForeign Exchange Bullets

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